PARIS - Global steel giant ArcelorMittal said Wednesday it had acquired an iron mine in Brazil for about US$810 million, expanding its access to the metal as prices soar.

The company, the worlds biggest steel producer, said it bought the London Mining Brasil iron ore mining operation in the eastern state of Minais Gerais for around $764 million from London Mining, Listed in Oslo.

Under the deal, ArcelorMittal also takes on loans worth $46 million, bringing the total price it pays for the venture to 810 million, it said in a statement announcing the deal on Wednesday.

It said London Mining Brasil covered areas estimated to have more than a billion tonnes of iron ore.